The way the stock markets have performed in India and the world over in the past six months has shown that people have a discerning and acute sense of understanding opportunities for better investments and living. Latest trends in customer preferences when it comes to premium real estate also point to a sophisticated approach by home buyers, who want to get a lifestyle that can seamlessly encompass the work-from-home concept, while not giving up on the opulence and comforts of luxury living.
The checklist of features, facilities and amenities that home buyers are looking for in the project reveal the importance they place on community, neighbourhood and hospitality services. During a recent webinar on real estate trends, a leading international property consultant head said, “Work-from-home culture has changed the paradigm for most home buyers. Owning a home is no more a matter of investment preference, but a necessity, given the elevation that a luxury residence has come to occupy in the broader sense of work-life choices.”
With homes becoming the sole space for all activities, there is now a need for extra rooms.
Luxury home buyers are looking for projects by reputed developers which have multiple features that cater to consumer preferences across age groups and interests. A home experience is no more about the inner look and feel alone, but also how the project is planned, developed and maintained. The pandemic has definitely highlighted the importance of owning a home, but also increased the demand to be in developments that provide amenities for holistic living, accessibility, well-managed developments that can address any and every requirement of residents. Residents are far evolved, sharp and are looking for that home by a reputed developer who can cater to their wide range of specific demands, and is open to providing custommade solutions to maintain their everyday work-life balance. This is a significant change from how luxury home buyers used to value and estimate properties in their shortlist of preferred projects.
How preferences have changed in the new normal
Premium residential projects in south central Mumbai, for instance, will show you a harmonious blend of luxury features, locational advantages in terms of shopping, entertainment hubs, educational institutions, best-known names in healthcare facilities, and access to arterial roads and freeways for a quick getaway. “South central Mumbai is a unique selling point for real estate projects, as it has assiduously cultivated a neighbourhood that has become sought-after for luxury home buyers,” an international property consultant said, adding that while south Mumbai has become the hub of business, politics, administration and judiciary, Lower Parel is the new downtown of Mumbai, making it the most attractive location to live in. Also, with ready homes being an important criteria among luxury home seekers, reputed developers in the location have a variety to offer.
A recent consumer survey among home buyers, conducted by Lodha, made some unexpected if not stunning revelations regarding the changing customer approach towards living spaces. An overwhelming 92 per cent of respondents vouched for homes with decks and balconies. As many as 81.5 per cent respondents consider open spaces a “musthave” in developments, while 80.1 per cent people are actively looking for multi-purpose usable spaces within their homes.
With homes becoming the sole space for all activities, there is now a need for extra rooms, as consumers look to create activitydriven arenas like a study room or a workout space within their homes. Further, residences having private gardens and homes with decks or balconies are being preferred for much-needed fresh air.
Most home buyers in south central Mumbai, who used to make an average 10 site visits before a decision, are now making up their minds after three to four site visits.
Open spaces within and outside living areas thus aid in maintaining physical and mental well-being. Additionally, customers have also started seeing the importance of a society that offers everyday facilities to its residents. With 77 per cent of participants showing an inclination towards integrated developments, gated communities with easy access to essential services, round-theclock security and the oneness of a community have become an utmost priority for customers.
So, there has been a marked change in the way luxury home buyers perceive projects that align with their aspirations and needs in a post-pandemic world. Demand for luxury apartments in prime locations in Mumbai has come from NRIs and millennials who look at such projects from an investment or end use perspective.
Most home buyers in south central Mumbai, who used to make an average 10 site visits before a decision, are now making up their minds after three to four site visits. But more interestingly, there is also a rising demand among home buyers for specific layout and design features in luxury homes. They want optimal space utilisation and expansive living spaces. The need for study rooms and multi-purpose areas, which can not only accommodate office paraphernalia but also become convertible spaces, is paramount.
Living in luxury rented apartments has become a thing of the past, solely because of the risks involved in sharing spaces with earlier tenants. The feeling and assurance of security of ownership is bolstered by the sense of belonging that luxury projects provide in terms of being fully equipped and accessible at all times. Another international property consultant based out of Mumbai put it aptly: “Home buyers look for adaptability of spaces. They want an extra 200 sq ft space in the apartment where they can multifunction. Also, it is important to have large open spaces like balconies, terraces, courtyards, gardens and parks in the vicinity.”
Owning real estate has become important in the new scheme of things for investors in the market even as they opt for ready-to-move-in homes. But, of the total number of 77,460 unsold residential units in Mumbai, only 3.35 per cent are ready possession. This essentially means that as independent workfrom-home spaces fly off the shelf with a spurt in demand, prices will go up with supply depleting. Needless to say, it would be wise for home buyers to quickly take their decision and buy the right property according to their taste and needs.
(Source: The Economic Times)
